GREENSBORO, N.C. — Tens of thousands of borrowers now qualify for student loan cancellation, according to the Department of Education. The total figure comes out to about $6.2 billion.
Want to know if you qualify? Check your mailbox. The Education Department said it would mail out letters to those who qualify.
Federal loans total more than $1.6 trillion, according to the Education Data Initiative. The group said more than 40 million Americans have student loans.
Federal student loan payments have been on pause since March 2020. President Donald Trump extended the pause twice. President Joe Biden has done it three times.
Student debt impacts so many people that some lawmakers suggest canceling student debt.
Senate Majority Leader Chuck Schumer (D-NY) recently tweeted support for the measure.
Some lawmakers on the other side of the aisle think that's a bad idea. They even filed a bill that would prevent the president from extending the current student loan payment pause.
The "Federal Student Loan Integrity Act" would also remove the Education Secretary's power to pause interest accrual while loan payments go on hold.
A Grinnell College poll found 66% of Americans support student loan forgiveness.
As lawmakers debate the future of the federal student loan pause, millions are left to decide whether to start paying now or to wait. Money expert Ja'Net Adams said borrowers should use this time wisely.
"Actually start saving the money now," Adams said. "Get it into a separate savings account, so that way when those bills start to come in, it won't feel overwhelming and won't be financial stress in your life."
The rising cost of higher education has forced people into a tough decision; Is going to college worth going into debt?
A Georgetown University report dug into that question. It found people with a bachelor's degree make $1.2 million more over the course of their lifetime than someone without one.
However, wages can vary. The report found it's possible for someone with less education to make more money depending on their career.
Right now, there's no timetable on when action could get taken on federal student loans.